Company Quick10K Filing
Quick10K
Cullen/Frost Bankers
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$101.01 63 $6,370
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-24 Shareholder Vote
8-K 2019-01-31 Earnings, Exhibits
8-K 2019-01-30 Officers
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-25 Officers, Regulation FD, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-24 Officers, Regulation FD, Exhibits
TSS Total System Services 17,720
PUMP Propetro Holding 2,100
RUSHA Rush Enterprises 1,510
INSW International Seaways 568
AUDC Audiocodes 416
VBLT Vascular Biogenics 45
MN Manning & Napier 34
YTFD Yacht Finders 0
KLXI KLX 0
MOBQ Mobiquity Technologies 0
CFR 2019-03-31
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Significant Accounting Policies
Note 2 - Securities
Note 3 - Loans
Note 4 - Goodwill and Other Intangible Assets
Note 5 - Deposits
Note 6 - Commitments and Contingencies
Note 7 - Capital and Regulatory Matters
Note 8 - Derivative Financial Instruments
Note 9 - Balance Sheet Offsetting and Repurchase Agreements
Note 10 - Stock-Based Compensation
Note 11 - Earnings per Common Share
Note 12 - Defined Benefit Plans
Note 13 - Income Taxes
Note 14 - Other Comprehensive Income (Loss)
Note 15 - Operating Segments
Note 16 - Fair Value Measurements
Note 17 - Accounting Standards Updates
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit3111q19.htm
EX-31.2 exhibit3121q19.htm
EX-32.1 exhibit3211q19.htm
EX-32.2 exhibit3221q19.htm

Cullen/Frost Bankers Earnings 2019-03-31

CFR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: March 31, 2019
Or
¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                    to
Commission file number: 001-13221
Cullen/Frost Bankers, Inc.
(Exact name of registrant as specified in its charter)
Texas
74-1751768
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
100 W. Houston Street, San Antonio, Texas
78205
(Address of principal executive offices)
(Zip code)
(210) 220-4011
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
Accelerated filer
¨
Non-accelerated filer
¨ (Do not check if a smaller reporting company)
Smaller reporting company
¨
 
 
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
As of April 18, 2019 there were 63,093,256 shares of the registrant’s Common Stock, $.01 par value, outstanding.


Table of Contents

Cullen/Frost Bankers, Inc.
Quarterly Report on Form 10-Q
March 31, 2019
Table of Contents
 
Page
Item 1.
 
 
 
 
 
 
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Item 4.
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 
 
 

2

Table of Contents

Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Cullen/Frost Bankers, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
 
March 31,
2019
 
December 31,
2018
Assets:
 
 
 
Cash and due from banks
$
521,599

 
$
678,791

Interest-bearing deposits
1,435,088

 
2,641,971

Federal funds sold and resell agreements
324,767

 
635,017

Total cash and cash equivalents
2,281,454

 
3,955,779

Securities held to maturity, at amortized cost
1,077,279

 
1,106,057

Securities available for sale, at estimated fair value
12,013,963

 
11,387,321

Trading account securities
25,231

 
24,086

Loans, net of unearned discounts
14,406,339

 
14,099,733

Less: Allowance for loan losses
(136,350
)
 
(132,132
)
Net loans
14,269,989

 
13,967,601

Premises and equipment, net
750,256

 
552,330

Goodwill
654,952

 
654,952

Other intangible assets, net
3,324

 
3,649

Cash surrender value of life insurance policies
184,371

 
183,473

Accrued interest receivable and other assets
403,747

 
457,718

Total assets
$
31,664,566

 
$
32,292,966

 
 
 
 
Liabilities:
 
 
 
Deposits:
 
 
 
Non-interest-bearing demand deposits
$
10,128,908

 
$
10,997,494

Interest-bearing deposits
16,165,955

 
16,151,710

Total deposits
26,294,863

 
27,149,204

Federal funds purchased and repurchase agreements
1,227,149

 
1,367,548

Junior subordinated deferrable interest debentures, net of unamortized issuance costs
136,256

 
136,242

Subordinated notes, net of unamortized issuance costs
98,747

 
98,708

Accrued interest payable and other liabilities
313,973

 
172,347

Total liabilities
28,070,988

 
28,924,049

 
 
 
 
Shareholders’ Equity:
 
 
 
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 6,000,000 Series A shares ($25 liquidation preference) issued at March 31, 2019 and December 31, 2018
144,486

 
144,486

Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,236,306 shares issued at March 31, 2019 and December 31, 2018
642

 
642

Additional paid-in capital
970,958

 
967,304

Retained earnings
2,495,268

 
2,440,002

Accumulated other comprehensive income (loss), net of tax
93,774

 
(63,600
)
Treasury stock, at cost; 1,154,950 shares at March 31, 2019 and 1,250,464 shares at December 31, 2018
(111,550
)
 
(119,917
)
Total shareholders’ equity
3,593,578

 
3,368,917

Total liabilities and shareholders’ equity
$
31,664,566

 
$
32,292,966

See Notes to Consolidated Financial Statements.


3

Table of Contents

Cullen/Frost Bankers, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
 
Three Months Ended 
 March 31,
 
2019
 
2018
Interest income:
 
 
 
Loans, including fees
$
185,272

 
$
151,202

Securities:
 
 
 
Taxable
24,679

 
20,558

Tax-exempt
59,143

 
56,711

Interest-bearing deposits
10,639

 
14,094

Federal funds sold and resell agreements
1,588

 
761

Total interest income
281,321

 
243,326

Interest expense:
 
 
 
Deposits
27,174

 
10,638

Federal funds purchased and repurchase agreements
5,016

 
634

Junior subordinated deferrable interest debentures
1,498

 
1,142

Other long-term borrowings
1,164

 
1,164

Total interest expense
34,852

 
13,578

Net interest income
246,469

 
229,748

Provision for loan losses
11,003

 
6,945

Net interest income after provision for loan losses
235,466

 
222,803

Non-interest income:
 
 
 
Trust and investment management fees
31,697

 
29,587

Service charges on deposit accounts
20,790

 
20,843

Insurance commissions and fees
18,406

 
15,980

Interchange and debit card transaction fees
3,280

 
3,158

Other charges, commissions and fees
9,062

 
9,007

Net gain (loss) on securities transactions

 
(19
)
Other
13,550

 
12,889

Total non-interest income
96,785

 
91,445

Non-interest expense:
 
 
 
Salaries and wages
92,476

 
86,683

Employee benefits
23,526

 
21,995

Net occupancy
19,267

 
19,740

Technology, furniture and equipment
21,664

 
19,679

Deposit insurance
2,808

 
4,879

Intangible amortization
325

 
388

Other
41,734

 
43,247

Total non-interest expense
201,800

 
196,611

Income before income taxes
130,451

 
117,637

Income taxes
13,955

 
11,157

Net income
116,496

 
106,480

Preferred stock dividends
2,016

 
2,016

Net income available to common shareholders
$
114,480

 
$
104,464

 
 
 
 
Earnings per common share:
 
 
 
Basic
$
1.80

 
$
1.63

Diluted
1.79

 
1.61

See Notes to Consolidated Financial Statements.

4

Table of Contents

Cullen/Frost Bankers, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Dollars in thousands)
 
Three Months Ended 
 March 31,
 
2019
 
2018
Net income
$
116,496

 
$
106,480

Other comprehensive income (loss), before tax:
 
 
 
Securities available for sale and transferred securities:
 
 
 
Change in net unrealized gain/loss during the period
198,146

 
(178,904
)
Change in net unrealized gain on securities transferred to held to maturity
(344
)
 
(2,619
)
Reclassification adjustment for net (gains) losses included in net income

 
19

Total securities available for sale and transferred securities
197,802

 
(181,504
)
Defined-benefit post-retirement benefit plans:
 
 
 
Change in the net actuarial gain/loss

 

Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)
1,406

 
1,250

Total defined-benefit post-retirement benefit plans
1,406

 
1,250

Other comprehensive income (loss), before tax
199,208

 
(180,254
)
Deferred tax expense (benefit)
41,834

 
(37,853
)
Other comprehensive income (loss), net of tax
157,374

 
(142,401
)
Comprehensive income (loss)
$
273,870

 
$
(35,921
)
See Notes to Consolidated Financial Statements.

5

Table of Contents

Cullen/Frost Bankers, Inc.
Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in thousands, except per share amounts)
 
Preferred
Stock
 
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
 
Treasury
Stock
 
Total
Three months ended:
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
144,486

 
$
642

 
$
967,304

 
$
2,440,002

 
$
(63,600
)
 
$
(119,917
)
 
$
3,368,917

Cumulative effect of accounting change

 

 

 
(12,611
)
 

 

 
(12,611
)
Total shareholders' equity at beginning of period, as adjusted
144,486

 
642

 
967,304

 
2,427,391

 
(63,600
)
 
(119,917
)
 
3,356,306

Net income

 

 

 
116,496

 

 

 
116,496

Other comprehensive income, net of tax

 

 

 

 
157,374

 

 
157,374

Stock option exercises/stock unit conversions (100,865 shares)

 

 

 
(4,001
)
 

 
8,886

 
4,885

Stock-based compensation expense recognized in earnings

 

 
3,654

 

 

 

 
3,654

Purchase of treasury stock (5,351 shares)

 

 

 

 

 
(519
)
 
(519
)
Cash dividends – preferred stock (approximately $0.34 per share)

 

 

 
(2,016
)
 

 

 
(2,016
)
Cash dividends – common stock ($0.67 per share)

 

 

 
(42,602
)
 

 

 
(42,602
)
Balance at end of period
$
144,486

 
$
642

 
$
970,958

 
$
2,495,268

 
$
93,774

 
$
(111,550
)
 
$
3,593,578

 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
144,486

 
$
642

 
$
953,361

 
$
2,187,069

 
$
79,512

 
$
(67,207
)
 
$
3,297,863

Cumulative effect of accounting change

 

 

 
(2,285
)
 

 

 
(2,285
)
Total shareholders' equity at beginning of period, as adjusted
144,486

 
642

 
953,361

 
2,184,784

 
79,512

 
(67,207
)
 
3,295,578

Net income

 

 

 
106,480

 

 

 
106,480

Other comprehensive loss, net of tax

 

 

 

 
(142,401
)
 

 
(142,401
)
Reclassification of certain income tax effects related to the change in the U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act

 

 

 
(9,535
)
 
9,535

 

 

Stock option exercises/stock unit conversions (318,110 shares)

 

 

 
(8,861
)
 

 
28,026

 
19,165

Stock-based compensation expense recognized in earnings

 

 
3,175

 

 

 

 
3,175

Cash dividends – preferred stock (approximately $0.34 per share)

 

 

 
(2,016
)
 

 

 
(2,016
)
Cash dividends – common stock ($0.57 per share)

 

 

 
(36,551
)
 

 

 
(36,551
)
Balance at end of period
$
144,486

 
$
642

 
$
956,536

 
$
2,234,301

 
$
(53,354
)
 
$
(39,181
)
 
$
3,243,430


See accompanying Notes to Consolidated Financial Statements


6

Table of Contents

Cullen/Frost Bankers, Inc.
Consolidated Statements of Cash Flows
(Dollars in thousands)
 
Three Months Ended 
 March 31,
 
2019
 
2018
Operating Activities:
 
 
 
Net income
$
116,496

 
$
106,480

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
Provision for loan losses
11,003

 
6,945

Deferred tax expense (benefit)
(1,044
)
 
10,411

Accretion of loan discounts
(3,757
)
 
(3,378
)
Securities premium amortization (discount accretion), net
28,696

 
24,260

Net (gain) loss on securities transactions

 
19

Depreciation and amortization
12,752

 
12,130

Net (gain) loss on sale/write-down of assets/foreclosed assets
(4,437
)
 
(3,982
)
Stock-based compensation
3,654

 
3,175

Net tax benefit from stock-based compensation
716

 
2,211

Earnings on life insurance policies
(898
)
 
(820
)
Net change in:
 
 
 
Trading account securities
1,582

 
1,326

Lease right-of-use assets
4,833

 

Accrued interest receivable and other assets
32,634

 
23,555

Accrued interest payable and other liabilities
(56,098
)
 
28,376

Net cash from operating activities
146,132

 
210,708

 
 
 
 
Investing Activities:
 
 
 
Securities held to maturity:
 
 
 
Purchases

 
(1,500
)
Maturities, calls and principal repayments
23,421

 
179,149

Securities available for sale:
 
 
 
Purchases
(1,526,279
)
 
(3,245,923
)
Sales
944,903

 
2,984,867

Maturities, calls and principal repayments
121,471

 
62,768

Proceeds from sale of loans
12,699

 

Net change in loans
(322,308
)
 
(227,417
)
Proceeds from sales of premises and equipment
4,667

 
11,317

Purchases of premises and equipment
(44,039
)
 
(16,759
)
Proceeds from sales of repossessed properties

 
307

Net cash from investing activities
(785,465
)
 
(253,191
)
 
 
 
 
Financing Activities:
 
 
 
Net change in deposits
(854,341
)
 
(194,611
)
Net change in short-term borrowings
(140,399
)
 
(115,603
)
Proceeds from stock option exercises
4,885

 
19,165

Purchase of treasury stock
(519
)
 

Cash dividends paid on preferred stock
(2,016
)
 
(2,016
)
Cash dividends paid on common stock
(42,602
)
 
(36,551
)
Net cash from financing activities
(1,034,992
)
 
(329,616
)
 
 
 
 
Net change in cash and cash equivalents
(1,674,325
)
 
(372,099
)
Cash and cash equivalents at beginning of period
3,955,779

 
5,053,047

Cash and cash equivalents at end of period
$
2,281,454

 
$
4,680,948


See Notes to Consolidated Financial Statements.

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Notes to Consolidated Financial Statements
(Table amounts in thousands, except for share and per share amounts)
Note 1 - Significant Accounting Policies
Nature of Operations. Cullen/Frost Bankers, Inc. (“Cullen/Frost”) is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms “Cullen/Frost,” “the Corporation,” “we,” “us” and “our” mean Cullen/Frost Bankers, Inc. and its subsidiaries, when appropriate. In addition to general commercial and consumer banking, other products and services offered include trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing.
Basis of Presentation. The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of Cullen/Frost and all other entities in which Cullen/Frost has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies we follow conform, in all material respects, to accounting principles generally accepted in the United States and to general practices within the financial services industry.
The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2018, included in our Annual Report on Form 10-K filed with the SEC on February 6, 2019 (the “2018 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses and the fair values of financial instruments and the status of contingencies are particularly subject to change.
Cash Flow Reporting. Additional cash flow information was as follows:
 
Three Months Ended 
 March 31,
 
2019
 
2018
Cash paid for interest
$
34,402

 
$
13,740

Cash paid for income taxes

 

Significant non-cash transactions:
 
 
 
Unsettled purchases/sales of securities
7,612

 
47,723

Loans foreclosed and transferred to other real estate owned and foreclosed assets

 
7

Right-of-use lease assets obtained in exchange for lessee operating lease liabilities
170,479

 


Accounting Changes, Reclassifications and Restatements. Certain items in prior financial statements have been reclassified to conform to the current presentation. In addition, as of January 1, 2019, we adopted certain accounting standard updates related to accounting for leases (Topic 842 - Leases), primarily Accounting Standards Update (“ASU”) 2016-02 and subsequent updates. Among other things, these updates require lessees to recognize a lease liability, measured on a discounted basis, related to the lessee's obligation to make lease payments arising under a lease contract; and a right-of-use asset related to the lessee’s right to use, or control the use of, a specified asset for the lease term. The updates did not significantly change lease accounting requirements applicable to lessors and did not significantly impact our financial statements in relation to contracts whereby we act as a lessor. We adopted the updates using a modified-retrospective transition approach and recognized right-of-use lease assets and related lease liabilities totaling $170.5 million and $174.4 million respectively as of January 1, 2019. We elected to apply certain practical adoption expedients provided under the updates whereby we did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. We did not elect to apply the recognition requirements of the updates to any short-term leases (as discussed below). As of March 31, 2019, right-of-use lease assets and related lease liabilities totaled $165.5 million and $171.8 million, respectively. Furthermore, during the second quarter of 2019, we expect to recognize an additional right-of-use asset and related lease liability totaling

8

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approximately $110.0 million to $140.0 million in connection with the commencement of the lease of our new corporate headquarters facility in downtown San Antonio. See Note 6 - Commitments and Contingencies.
We lease certain office facilities and office equipment under operating leases. We also own certain office facilities which we lease to outside parties under operating lessor leases; however, such leases are not significant. We do not apply the recognition requirements of Topic 842 - Leases to short-term operating leases. A short-term operating lease has an original term of 12 months or less and does not have a purchase option that is likely to be exercised. For non-short-term operating leases, we recognized lease right-of-use assets and related lease liabilities on our balance sheet upon commencement of the lease in accordance with Topic 842 - Leases. In recognizing lease right-of-use assets and related lease liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. Lease payments over the expected term are discounted using our incremental borrowing rate referenced to the Federal Home Loan Bank Secure Connect advance rates for borrowings of similar term. We also consider renewal and termination options in the determination of the term of the lease. If it is reasonably certain that a renewal or termination option will be exercised, the effects of such options are included in the determination of the expected lease term. Generally, we cannot be reasonably certain about whether or not we will renew a lease until such time the lease is within the last two years of the existing lease term. However, renewal options related to our regional headquarter facilities or operations centers are evaluated on a case-by-case basis, typically in advance of such time frame. When we are reasonably certain that a renewal option will be exercised, we measure/remeasure the right-of-use asset and related lease liability using the lease payments specified for the renewal period or, if such amounts are unspecified, we generally assume an increase (evaluated on a case-by-case basis in light of prevailing market conditions) in the lease payment over the final period of the existing lease term.
We also adopted ASU 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities” as of January 1, 2019. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to require such premiums to be amortized to the earliest call date unless applicable guidance related to certain pools of securities is applied to consider estimated prepayments. Under prior guidance, entities were generally required to amortize premiums on individual, non-pooled callable debt securities as a yield adjustment over the contractual life of the security. ASU 2017-08 does not change the accounting for callable debt securities held at a discount. Upon adoption, using a modified retrospective transition adoption approach, we recognized a cumulative effect reduction to retained earnings totaling$12.6 million. We expect premium amortization expense for 2019 will be approximately $5.2 million higher than what would have been the case had we continued to amortize the affected securities to their respective maturity dates.
Note 2 - Securities
Securities. A summary of the amortized cost and estimated fair value of securities, excluding trading securities, is presented below.
 
March 31, 2019
 
December 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities
$
2,656

 
$
6

 
$
53

 
$
2,609

 
$
2,737

 
$
8

 
$
85

 
$
2,660

States and political subdivisions
1,073,123

 
20,628

 
2

 
1,093,749

 
1,101,820

 
11,525

 
552

 
1,112,793

Other
1,500

 

 

 
1,500

 
1,500

 

 

 
1,500

Total
$
1,077,279

 
$
20,634

 
$
55

 
$
1,097,858

 
$
1,106,057

 
$
11,533

 
$
637

 
$
1,116,953

Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
3,455,925

 
$
5,314

 
$
16,171

 
$
3,445,068

 
$
3,455,417

 
$
1,772

 
$
29,500

 
$
3,427,689

Residential mortgage-backed securities
1,210,179

 
20,610

 
3,354

 
1,227,435

 
823,208

 
13,079

 
6,547

 
829,740

States and political subdivisions
7,130,105

 
181,170

 
12,549

 
7,298,726

 
7,089,132

 
70,760

 
72,690

 
7,087,202

Other
42,734

 

 

 
42,734

 
42,690

 

 

 
42,690

Total
$
11,838,943

 
$
207,094

 
$
32,074

 
$
12,013,963

 
$
11,410,447

 
$
85,611

 
$
108,737

 
$
11,387,321



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All mortgage-backed securities included in the above table were issued by U.S. government agencies and corporations. At March 31, 2019, approximately 98.4% of the securities in our municipal bond portfolio were issued by political subdivisions or agencies within the State of Texas, of which approximately 68.7% are either guaranteed by the Texas Permanent School Fund, which has a “triple A” insurer financial strength rating, or are secured by U.S. Treasury securities via defeasance of the debt by the issuers. Securities with limited marketability and that do not have readily determinable fair values are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar securities of the same issuer. These securities include stock in the Federal Reserve Bank and the Federal Home Loan Bank and are reported as other available for sale securities in the table above. The carrying value of securities pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law was $3.4 billion at March 31, 2019 and $3.8 billion at December 31, 2018.
During the fourth quarter of 2012, we reclassified certain securities from available for sale to held to maturity. The securities had an aggregate fair value of $2.3 billion with an aggregate net unrealized gain of $165.7 million ($107.7 million, net of tax) on the date of the transfer. The net unamortized, unrealized gain on the remaining transferred securities included in accumulated other comprehensive income in the accompanying balance sheet as of March 31, 2019 totaled $2.4 million ($1.9 million, net of tax). This amount will be amortized out of accumulated other comprehensive income over the remaining life of the underlying securities as an adjustment of the yield on those securities.
Unrealized Losses. As of March 31, 2019, securities with unrealized losses, segregated by length of impairment, were as follows:
 
Less than 12 Months
 
More than 12 Months
 
Total
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
 
Estimated
Fair Value
 
Unrealized
Losses
Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities
$

 
$

 
$
2,039

 
$
53

 
$
2,039

 
$
53

States and political subdivisions

 

 
2,361

 
2

 
2,361

 
2

Total
$

 
$

 
$
4,400

 
$
55

 
$
4,400

 
$
55

Available for Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$

 
$

 
$
3,153,533

 
$
16,171

 
$
3,153,533

 
$
16,171

Residential mortgage-backed securities
1,716

 
1

 
183,952

 
3,353

 
185,668

 
3,354

States and political subdivisions
58,884

 
1,333

 
739,744

 
11,216

 
798,628

 
12,549

Total
$
60,600

 
$
1,334

 
$
4,077,229

 
$
30,740

 
$
4,137,829

 
$
32,074


Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and our ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost.
Management has the ability and intent to hold the securities classified as held to maturity in the table above until they mature, at which time we expect to receive full value for the securities. Furthermore, as of March 31, 2019, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. Any unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2019, management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in our consolidated income statement.

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Table of Contents

Contractual Maturities. The amortized cost and estimated fair value of securities, excluding trading securities, at March 31, 2019 are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage-backed securities and equity securities are shown separately since they are not due at a single maturity date.
 
Held to Maturity
 
Available for Sale
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
58,032

 
$
58,525

 
$
2,606,267

 
$
2,593,167

Due after one year through five years
128,835

 
131,725

 
1,662,791

 
1,673,779

Due after five years through ten years
505,528

 
514,331

 
375,007